/raid1/www/Hosts/bankrupt/TCRLA_Public/090217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

             Tuesday, February 17, 2009, Vol. 9, No. 33

                            Headlines

A R G E N T I N A

FINCA DE MANANTIAL: Proofs of Claim Verification Due on April 1
PARLEZ SA: Trustee Verifying Proofs of Claim Until April 30
RICALUX SACI: Proofs of Claim Verification Due on April 10
SEDIPLAST SA: Trustee Verifying Proofs of Claim Until March 16
SURPIEL SA: Trustee Verifying Proofs of Claim Until March 26


B E R M U D A

SEA CONTAINERS: Plan Effective; "SeaCo" Takes Maritime Interests
KIC LTD: Court to Hear Wind-Up Petition on March 6


B R A Z I L

BANCO DO BRASIL: Treasury May Provide Additional Funds to Bank
CAIXA ECONOMICA: 2008 Net Earnings Up 62.3% to BRL3.9 Billion
GOL LINHAS: Moody's Confirms Corporate Family Rating at 'B1'


C A Y M A N  I S L A N D S

LIBERTYVIEW ASSET: Shareholders Receive Wind-Up Report
LIBERTYVIEW INCOME: Shareholders Receive Wind-Up Report
LIBERTYVIEW SOCIALLY: Shareholders Receive Wind-Up Report
TE ASPECT: Shareholders Receive Wind-Up Report
TE BLUETREND: Shareholders Receive Wind-Up Report

TE BPA ET AL: Shareholders Receive Wind-Up Report
TE CRABEL ET AL: Shareholders Receive Wind-Up Report
TE DEFIANCE ET AL: Shareholders Receive Wind-Up Report
TE DICKEN ET AL: Shareholders Receive Wind-Up Report
TE DIGILOG ET AL: Shareholders Receive Wind-Up Report

TE ECKHARDT ET AL: Shareholders Receive Wind-Up Report
TE FORCE ET AL: Shareholders Receive Wind-Up Report
TE HARVEST ET AL: Shareholders Receive Wind-Up Report
TE JAYCOR ET AL: Shareholders Receive Wind-Up Report
TE KARSCH ET AL: Shareholders Receive Wind-Up Report

TE LYNX ET AL: Shareholders Receive Wind-Up Report
TE OMG ET AL: Shareholders Receive Wind-Up Report
TE PEAK6 ET AL: Shareholders Receive Wind-Up Report
TE ROTELLA ET AL: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA: Posts Ps. 56.1BB Unconsolidated Net Income in January


E C U A D O R

* ECUADOR: Defers Interest Payment; Mulls Defaulting on Loan


J A M A I C A

AIR JAMAICA: Officials Must Appear Before Parliamentary Committee


T R I N I D A D  &  T O B A G O

CL FINANCIAL: BAIC Unaffected by Bailout, Company Says
CL FINANCIAL: 300 Islamic Banking Members Affected
CL FINANCIAL: Clico Plan Holders Asked to Defer Withdrawals
HCU: Gov't Says Firm is Going Bankrupt; MP Leader Begs PM for Help


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


=================
A R G E N T I N A
=================

FINCA DE MANANTIAL: Proofs of Claim Verification Due on April 1
---------------------------------------------------------------
Laura Marletta, the court-appointed trustee for Finca de Manantial
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until April 1, 2009.

Ms. Marletta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 16, 2009.

The Trustee can be reached at:

          Laura Marletta
          San Jose de Calasanz 530
          Buenos Aires, Argentina


PARLEZ SA: Trustee Verifying Proofs of Claim Until April 30
-----------------------------------------------------------
The court-appointed trustee for Parlez S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 30, 2009.

The trustee will present the validated claims in court as
individual reports on June 15, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 11, 2009.


RICALUX SACI: Proofs of Claim Verification Due on April 10
----------------------------------------------------------
The court-appointed trustee for Ricalux SACI's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 10, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.


SEDIPLAST SA: Trustee Verifying Proofs of Claim Until March 16
--------------------------------------------------------------
The court-appointed trustee for Sediplast S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 16, 2009.

The trustee will present the validated claims in court as
individual reports on April 27, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 9, 2009.


SURPIEL SA: Trustee Verifying Proofs of Claim Until March 26
------------------------------------------------------------
The court-appointed trustee for Surpiel S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 26, 2009.

The trustee will present the validated claims in court as
individual reports on May 12, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 24, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 26, 2009.



=============
B E R M U D A
=============

SEA CONTAINERS: Plan Effective; "SeaCo" Takes Maritime Interests
----------------------------------------------------------------
Sea Containers Ltd. announced the implementation of its
restructuring plan and emergence from Chapter 11.  On February 11,
2009, Sea Containers completed the transfer of its maritime
container interests to SeaCo Ltd., a new Bermuda registered
company and confirmed its emergence from bankruptcy with the U.S.
Bankruptcy Court for the District of Delaware.

The major shareholders in the new company will be the former Sea
Containers Ltd. bondholders and two of the group's U.K. pension
funds.  SeaCo Ltd. owns a 50% share in the maritime leasing
company GE SeaCo (the other 50% is owned by GE Capital Corp.) and
a container fleet of approximately 105,000 TEU, which is managed
for SeaCo Ltd. by GE SeaCo.

SeaCo Ltd has raised a US$127-million five year exit financing
facility via a senior secured term loan from Fortis Bank Nederland
and DVB Bank.  The proceeds, less retained working capital of US$5
million and financing costs of US$5 million have been used to
repay the debtor in possession (DIP) loan provided to Sea
Containers Ltd. by Mariner and Dune, two of its former
bondholders.  The US$24 million balance of the DIP loan of US$141
million was repaid from SCL's own cash resources.

SeaCo Ltd. paid total consideration of US$462.3M for the container
assets of SCL including cash of US$77.7M and equity of US$384.6M.
In addition, SeaCo Ltd. has advanced US$40M to SCL as a senior,
secured loan, to be repaid in due course from cash generated from
the wind down and liquidation of the Sea Containers group.

AlixPartners LLP has been appointed as Plan Administrator to SCL
to oversee the wind down of the group.

Mark Wilson, the new CEO of SeaCo Ltd said: "We are pleased to
complete the US$127 million refinancing with Fortis and DVB, and
the Sea Containers restructuring.  SeaCo has been formed at a
challenging time for the maritime container industry as it
responds to the downturn in global shipping.  SeaCo will be
working closely with GE Capital to continue GE SeaCo's role as a
leading maritime container leasing company and to protect the
value of its own fleet of marine containers."

                 Sea Containers to Dissolve

As contemplated by the Plan, the Company anticipates the
liquidation or dissolution of the Debtors' -- and various non-
Debtor subsidiaries' -- operations following the Effective Date.
Holders of the Company's common shares will not receive any
distribution on account of interests, although the common shares
will remain outstanding until the Company is dissolved under
Bermuda law.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware confirmed the Plan on November 24, 2008.
Since the Confirmation Date, the Debtors have been working in
earnest to consummate the Plan with the Official Committee of
Unsecured Creditors for Sea Containers Ltd., the Official
Committee of Unsecured Creditors for Sea Containers Services
Ltd., and the exit facility lenders, among others.

Sea Containers filed for Chapter 11 protection on October 15,
2006, due to insufficient cash available to meet debt
obligations.

                    Schemes of Arrangement

Laura Barlow, the Debtors' chief financial officer and chief
restructuring officer, disclosed in a regulatory filing with the
Securities and Exchange Commission that on February 11, 2009,
five schemes of arrangement proposed pursuant to Section 896 of
the Companies Act 2006 of England & Wales became effective
contemporaneously with the Effective Date of the Plan:

  (1) scheme of arrangement between 0438490 Travel Limited and
      its scheme creditor, consisting of a scheme of arrangement
      and a related explanatory statement;

  (2) scheme of arrangement between 1882420 Limited and its
      scheme creditor, consisting of a scheme of arrangement and
      a related explanatory statement;

  (3) scheme of arrangement between SC Maritime Limited and its
      scheme creditors, consisting of a scheme of arrangement
      and a related explanatory statement;

  (4) scheme of arrangement between SCSL and its scheme
      creditors, consisting of a scheme of arrangement and a
      related explanatory statement; and

  (5) scheme of arrangement between Yorkshire Marine Containers
      Limited and its scheme creditor, consisting of a scheme of
      arrangement and a related explanatory statement .

SCL has notified parties-in-interest that in line with its
Plan, and its winding up proceedings in Bermuda, its scheme of
arrangement with certain of its creditors, pursuant to
Section 99 of the Companies Act 1981 of Bermuda became effective
when the order sanctioning the Bermuda Scheme of Arrangement was
delivered to the Registrar of Companies of Bermuda.

                         Bar Dates

The Reorganized Debtors also notified parties-in-interest that
unless otherwise agreed to by the Plan Administrator and the
entity submitting the request, and except with respect to (a)
Professional Claims, (b) Allowed Pension Schemes Administrative
Claims, (c) Equalization Determination Costs, and (d) any and all
fees and charges assessed against the Estates pursuant to Chapter
123 of Title 28 United States Code, 28 U.S.C. Sections 1911
through 1930, parties have until March 13, 2009, to file:

  -- requests for payment of administrative claims;

  -- requests for payment of cure claims with respect to assumed
     executory contracts or unexpired leases; and

  -- proofs of claim arising from rejection of executory
     contracts or unexpired leases.

The Reorganized Debtors ask parties-in-interest to direct
requests for payment of Administrative Claims and Cure Claims,
and submission of Proofs of Claims to:

     AlixPartners, LLP
     Attn: Laura Barlow
     20 North Audley Street
     London WIK 6WE
     United Kingdom

With a copy to:

     BMC Group, Inc.
     Attn: SCL Claims and Solicitation Agent
     31 Southampton Row
     4th Floor
     Holborn, London WC1 B5HJ
     United Kingdom

The Plan contemplates the transfer of the Debtors' direct and
indirect interests in their marine and land container leasing
business to Newco, the entity to which SCL will transfer its
remaining container interests, and certain additional
consideration, in exchange for Newco (i) equity, and (ii) cash,
which will be funded from an exit facility, that will be used for,
among other things, repayment of the Debtors' DIP Facility.

SCL's Container Interests include equity interests in SPC
Holdings, Ltd., and SCL's indirect ownership of Classes A and B
Quotas in GE SeaCo SRL, the joint-venture entity between SCL and
General Electric Capital Corporation.

The obligations owed to unsecured creditors of SCL will be
satisfied by the distribution by SCL of Newco Equity and the
residual value in Reorganized SCL, the Equalization-Related
Employee Claim Trust, and the Non-Debtor Subsidiary Trust.
Existing interests in SCL will not receive any distribution on
account of those interests, although they will remain outstanding
until the dissolution of Reorganized SCL under Bermuda law.

The Plan and the Bermuda Scheme of Arrangement contemplate:

  (a) the issuance of Newco Equity on the Effective Date to the
      Plan Administrator for distribution to the Debtors'
      creditors;

  (b) the transfer of Container Interests to Newco;

  (c) the issuance of Newco repatriation note to Newco,
      reflecting a loan from Newco to enable Reorganized SCL to
      satisfy the balance of the DIP Facility and fund its
      wind-down costs;

  (d) the distribution of SCL unsecured distribution to holders
      of allowed SCL other unsecured claims and holders of
      allowed Pension Schemes' unsecured claims;

  (e) the distribution of SCSL unsecured distribution to holders
      of SCSL other unsecured claims, and

  (f) the establishment of the Equalization Escrow Account, the
      Equalization-Related Employee Claim Trust and the
      Non-Debtor Subsidiary Trust.

Judge Carey recently approved a stipulation among the Debtors,
the Trustees of the Sea Containers 1983 Pension Scheme, the SCL
Committee and the SCSL Committee with respect to certain Plan
distribution mechanics, which will assist the 1983 Scheme in
entering the UK Pension Protection Fund -- a condition precedent
to consummation of the Plan.

                          About GE SeaCo

GE SeaCo is one of the world's leading container leasing
companies. With a diverse fleet of approximately one million TEU,
GE SeaCo offers the widest range of container equipment available
from any leasing provider, to customers in over 80 countries.

GE SeaCo was created in 1998 by Sea Containers Ltd. and General
Electric Capital Corporation, and is entirely self-funded.
Operating as a stand-alone business, GE SeaCo has its headquarters
in Barbados, with 13 sales and support offices worldwide.

                     About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provided passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company had regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  Through its GNER subsidiary, Sea Containers
Passenger Transport operated Britain's fastest railway, the Great
North Eastern Railway, linking England and Scotland.  It also
conducts ferry operations, serving Finland and Estonia as well as
a commuter service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represented the Debtors in
their restructuring efforts.  The Official Committee of Unsecured
Creditors and the Financial Members Sub-Committee of the Official
Committee of Unsecured Creditors of Sea Containers Ltd. were
represented by William H. Sudell, Jr., Esq., and Thomas F.
Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP.  Sea
Containers Services, Ltd.'s Official Committee of Unsecured
Creditors was represented by attorneys at Willkie Farr & Gallagher
LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083 as of its bankruptcy filing.

(Sea Containers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


KIC LTD: Court to Hear Wind-Up Petition on March 6
--------------------------------------------------
A petition to have KIC Ltd's operations wound up will be heard
before the Supreme Court of Bermuda on March 6, 2009, at 9:30 a.m.

The petition was filed on February 9, 2009.



===========
B R A Z I L
===========

BANCO DO BRASIL: Treasury May Provide Additional Funds to Bank
--------------------------------------------------------------
Banco do Brasil SA may receive additional funds from Brazil's
treasury as the central bank and Finance Ministry are looking into
ways to reopen credit lines and bring down borrowing costs, Laura
Price of Bloomberg News reports, citing Valor Economico newspaper.

According to the report, the newspaper said the government is
considering injecting capital into Banco do Brasil, creating a
mechanism to guarantee credit to investors, or starting a credit-
guarantee fund.

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these ratings of Banco do
Brasil S.A.:

  -- Long-term foreign and local currency Issuer Default Rating at
     'BBB-'
  -- Short-term foreign and local currency IDR at 'F3'
  -- Support Rating at '2'
  -- Individual Rating at 'C/D'
  -- Support Rating Floor at 'BBB-'
  -- National Long-term rating at 'AA+(bra)'
  -- National Short-term rating at 'F1+(bra)'


CAIXA ECONOMICA: 2008 Net Earnings Up 62.3% to BRL3.9 Billion
-------------------------------------------------------------
Caixa Economica Federal's 2008 net earnings increased 62.3% to
BRL3.9 billion (US$1.7 billion) from the previous year, Xinhua
News reports.

According to the report, credit operations totaled BRL80 billion,
showing a 43.3% increase from 2007, while corporate credit grew by
87.2% in 2008 to BRL15.1 billion (US$6.6 billion).

Caixa Economica, the report relates, said it contracted over
579,000 housing loans in 2008, producing a record loan volume of
BRL23.2 billion (US$10.1 billion dollars), up 54.6% from 2007.

The bank, the report notes, registered a 39% increase in the
number of checking accounts.  Xinhua News says the number of
clients was also up 8.8% in 2008, standing at 46.9 million.

However, the report discloses that Caixa's net earnings declined
by 14.5% in the fourth quarter of 2008 compared with the previous
quarter due to the global financial crisis.

                      About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                          *    *    *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


GOL LINHAS: Moody's Confirms Corporate Family Rating at 'B1'
------------------------------------------------------------
Moody's Investors Service confirmed all debt ratings of Gol Linhas
Aereas Inteligentes S.A. and Gol Finance -- Corporate Family
Rating of B1. The rating outlook is negative.  The rating actions
conclude a review for possible downgrade of Gol's ratings that
began on August 7, 2008.

The B1 rating anticipates that Gol's earnings and cash flow
metrics should begin to strengthen during 2009 despite the
business challenges posed by a weakening economic outlook in
Brazil.  Over the past year, Gol has struggled with the
integration of its acquired subsidiary, VRG Linhas Aéreas S.A.,
and the losses from VRG operations combined with significant
restructuring costs have adversely affected consolidated results.
The continued growth of capacity at the company's core Gol
operations, and record high fuel costs during 2008 also
contributed to relatively weak financial results for the year.

Looking forward into 2009, the company has slowed capacity
expansion and should benefit from integration of the VRG
operations with Gol, which should improve overall operating
efficiency.  Gol's strong position at Congonhas airport in São
Paolo, after the VRG acquisition allowed it to gain control of
approximately half of the airport's slots, is expected to fortify
the company's position in the higher margin business travel
segment.  Moreover, with the benefit of lower fuel costs,
financial performance should stabilize even if the weakening
economic outlook in Brazil results in pressures on revenue.  The
rating confirmation also considers that with the committed
financing for new aircraft deliveries during 2009 and 2010, Gol's
liquidity profile should allow some flexibility to address
unexpected developments that might pose a challenge to the
business.  Gol's costs have risen due to meaningful increases in
the size of its consolidated route network and aircraft fleet,
wage increases, and lower aircraft utilization due to weaker
demand.

Costs have also increased due to the acquisition of VRG, which has
proven more challenging to integrate than originally anticipated,
principally with regard to international routes that have now been
discontinued.  Nevertheless, Moody's believes that the company's
low-cost business model and strong brand and market share in
Brazil should allow the company to rebuild margins over time.  The
company has slowed its aggressive expansion plan which now
incorporates a net fleet expansion of 11 aircraft through 2010.
Gol has several planned initiatives to grow revenues by increasing
sales to customers through the expansion of its in-house
installment-purchase plan in the low income segment, which has
traditionally used bus transportation, and increasing cargo and
other ancillary revenues including from its frequent flyer mileage
program. While these initiatives might help to offset pressures
posed by a weaker economic environment, overall revenue growth is
not expected to be sustained at historic levels.

Consequently, greater focus on cost management will be critical
for the company to rebuild its performance.  Completion of the
integration of the VRG and Gol operations offers important
opportunities for cost savings going into 2009, particularly with
regard to sales and marketing expenses as VRG moves over to an
internet sales platform.

A reduced fuel hedge portfolio has allowed Gol to benefit from
declines in fuel costs and the impact of fuel costs has been
further moderated by the strength of the Brazilian Real relative
to the U.S. Dollar.  Nonetheless, volatility of fuel costs remains
a significant risk for the airline, particularly given the limited
hedging which the company has in place at this time.  In the
absence of a robustly managed fuel hedging program, Moody's
believes that Gol's financial results could be at risk if fuel
costs were to begin to increase.  If fuel prices remain low,
Moody's believes that the fuel premium incorporated into fare
prices will drop only gradually due to the duopolistic nature of
Brazil's airline market and fuel hedge losses experienced by Gol's
principal competitor.

The negative outlook considers Gol's weak credit metrics for the
B1 rating category and the potential for a slowdown in business
and leisure travel demand in Brazil in 2009 due to slower economic
growth.  These factors are balanced against the prospects for
improvement in near term profitability and key credit metrics as a
result of cost reduction initiatives and improved results
following the full integration of VRG.  These improvements are
expected to enable Gol to deliver improved financial performance
despite the weakening economic environment.

Downward pressure on the ratings could occur if the company is
unable to realize anticipated cost savings and revenue synergies
following the restructuring of VRG or if the company's ability to
maintain a low cost structure erodes, leading to a sustained
EBITDA margin of less than 15%, EBIT to interest expense
maintained at levels less than 2.5 times, or debt to EBITDA
maintained at levels of greater than 5 times (calculated using
Moody's standard adjustments).  A significant decline in Gol's
cash balance (sustained cash plus marketable securities to gross
unadjusted debt less than 20%) could also place downward pressure
on the ratings absent strong operating and financial improvements.

Although the rating is unlikely to be raised in the near term due
to weaker economic conditions in Brazil, Gol's rating outlook
could be stabilized if the company is able to raise fares to
generate increased profitability and positive free cash flow that
result in improved financial metrics, including EBIT to interest
expense of at least 2.5 times and retained cash flow to net debt
greater than 20% (calculated using Moody's standard adjustments).

Confirmed Ratings:

Issuer: Gol Finance

  -- Senior Unsecured Regular Bond/debenture, confirmed at B1

Issuer: Gol Linhas Aereas Inteligentes S.A.

  -- Corporate Family Rating, confirmed at B1

The last rating actions on Gol and Gol Finance were downgrades of
the company's Corporate Family Ratings to B1 from Ba3, and
placement of all ratings under review for possible further
downgrade on August 7, 2008.

Gol's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Gol's core industry and Gol's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Gol Linhas Aereas Inteligentes S.A., a Brazilian low-cost carrier
provides passenger airline service to all of Brazil's major cities
and a growing number of destinations across South America.



==========================
C A Y M A N  I S L A N D S
==========================

LIBERTYVIEW ASSET: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, the shareholders of Libertyview Asset
Advantage Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


LIBERTYVIEW INCOME: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On January 23, 2009, the shareholders of Libertyview Income Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


LIBERTYVIEW SOCIALLY: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On January 23, 2009, the shareholders of Libertyview Socially
Responsible Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE ASPECT: Shareholders Receive Wind-Up Report
----------------------------------------------
On January 23, 2009, the shareholders of TE Aspect Investors, Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE BLUETREND: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, the shareholders of TE Bluetrend Investors,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE BPA ET AL: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE BPA Investors, Ltd; and
   -- TE BPA Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE CRABEL ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Crabel Investors, Ltd.;
   -- TE Crabel Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE DEFIANCE ET AL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

  -- TE Defiance Portfolio, Ltd; and
  -- TE Defiance Investors, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE DICKEN ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- Te Dicken Investors, Ltd; and
   -- TE Dicken Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE DIGILOG ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Digilog Investors, Ltd.
   -- TE Digilog Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE ECKHARDT ET AL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- Te Eckhardt Investors, Ltd; and
   -- TE Eckhardt Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE FORCE ET AL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Force Investors, Ltd; and
   -- TE Force Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE HARVEST ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Harvest Investors, Ltd.
   -- TE Harvest Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE JAYCOR ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Jaycor Investors, Ltd; and
   -- TE Jaycor Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE KARSCH ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Karsch Investors, Ltd; and
   -- TE Karsch Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE LYNX ET AL: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Lynx Investors, Ltd; and
   -- TE Lynx Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE OMG ET AL: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- Te OMG Investors, Ltd; and
   -- TE OMG Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE PEAK6 ET AL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Peak6 Volatility Opportunities Investors Ltd; and
   -- TE Peak6 Volatility Opportunities Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TE ROTELLA ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Rotella Investors, Ltd; and
   -- TE Rotella Portfolio, Ltd.

The companies' liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands



===============
C O L O M B I A
===============

BANCOLOMBIA: Posts Ps. 56.1BB Unconsolidated Net Income in January
------------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of
Ps. 56.1 billion for the month ended January 31, 2009, increasing
19.2% as compared to the same period of 2008.

   -- Net interest income, including investment securities,
      totaled Ps.233 billion in January 2009, increasing 35.2% as
      compared to the same period of 2008.

   -- Net fees and income from services in January 2009 totaled
      Ps. 64.3 billion, which represents an increase of 8.4% as
      compared to the same period of 2008.

   -- Other operating income was negative in the amount of Ps. 3.1
      billion for January 2009, representing a decrease of 121.8%
      as compared to the same period last year.

   -- Net provisions totaled Ps. 82.3 billion in January 2009,
      which represents an increase of 266.5% as compared to the
      same period of 2008. Bancolombia's (unconsolidated) level of
      past due loans (i.e. loans overdue for more than 30 days) as
      a percentage of total loans amounted to 3.64% as of
      January 31, 2009, and the ratio of allowances to past due
      loans increased to 137.9% as of the same date.

   -- Operating expenses totaled Ps. 156.3. billion in January
      2009, increasing 15.8% as compared to the same period of
      2008.

Total assets (unconsolidated) amounted to Ps. 39.7 trillion, loans
amounted to Ps. 28.1 trillion, deposits totaled Ps. 25.0 trillion
and Bancolombia's total shareholders' equity amounted to Ps. 6.0
trillion.

   Market Share
   ============

According to Colombia's national banking association
("ASOBANCARIA"), Bancolombia's market share of the Colombian
financial system as of January 2009, was:

   * 19.1% of total deposits,
   * 22% of total net loans,
   * 20.9% of total savings accounts,
   * 22.5% of total checking accounts, and
   * 14.9% of total time deposits.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded to Ba2, stable
from Ba3, positive the foreign-currency deposit ratings assigned
to the two banks it rates in Colombia.  This action is the direct
result of Moody's decision to upgrade Colombia's foreign currency
country ceilings for bonds and deposits to Baa3 and Ba2,
respectively.

At the same time, Moody's upgraded Bancolombia's foreign currency
subordinated bond rating to Baa3 from Ba1.  The outlook is stable.



=============
E C U A D O R
=============

* ECUADOR: Defers Interest Payment; Mulls Defaulting on Loan
------------------------------------------------------------
Ecuador will take advantage of a 30-day grace period that allows
it to defer US$135 million in interest payments for a US$2.7
billion in so-called Global 2030 bonds, while it decides whether
to default on 27% of its foreign debt, Gabriela Molina of the
Associated Press reports, citing Minister Maria Elsa Viteri.

"When we have a defined proposal ready, Ecuador will contact
bondholders," Minister Viteri was quoted by the report as saying.

The AP recalls President Rafael Correa in December suspended a
US$30.6 million interest payment on US$510 million in bonds due in
2012, declaring a moratorium on those and the 2030 bonds after a
commission recommended he default on US$3.9 billion in foreign
debt.

As reported in the Troubled Company Reporter - Latin America on
November 21, 2008, Bloomberg News said Ecuador may halt bond
payments after its debt audit commission uncovered "illegality and
illegitimacy" in the country's foreign obligations.  The
commission said the government's global bonds due in 2012 and 2030
"show serious signs of illegality," such as a lack of government
authorization for their issuance, the same report said.

                          *     *     *

According to a TCRLA report on December 17, 2008, Fitch Ratings
downgraded Ecuador's long-term foreign currency Issuer Default
Rating (IDR) to 'RD' from 'CCC' following the expiration of the
grace period for the coupon payment on the 2012 global bonds that
was due on Nov. 15 and the government's announcement that it will
selectively default on all global bonds.  The short-term foreign
currency rating was downgraded to 'D' from 'C'.  The country
ceiling remains at 'B-'.



=============
J A M A I C A
=============

AIR JAMAICA: Officials Must Appear Before Parliamentary Committee
-----------------------------------------------------------------
Air Jamaica's officials are given one more chance to appear before
the parliamentary committee after a no-show at the Public
Administration and Appropriations Committee meeting on
February 11, Jamaica Observer reports.

Air Jamaica, the report relates, sent a last minute response to
the commitee, saying neither Air Jamaica President Bruce Nobles
nor Chairwoman Shirley Williams could attend the assembly.

The Observer recalls the committee, since July 2008, has been
asking Air Jamaica to unveil the details of its restructuring
plans.  Representatives of the airline, the report relates, had
said they would not be able to share details of the plan until it
was presented to Cabinet.  However, since then, attempts to have
scheduled meetings with the airline's management have not fallen
through, the Observer notes.

According to the report, if the airline fails to respond to the
latest meeting invitation, the matter will be taken before the
Parliament which will then issue an order for Air Jamaica to
attend.  Depending, the affair can also be referred to the
Privileges Committee for contempt, the report says.

The Observer notes Air Jamaica is expected to appear before the
Committee tomorrow, February 18.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994. However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.



===============================
T R I N I D A D  &  T O B A G O
===============================

CL FINANCIAL: BAIC Unaffected by Bailout, Company Says
------------------------------------------------------
British American Insurance Co. Limited ("BAIC") has assured that
its operations will not be affected by the government bailout of
its parent company, CL Financial Limited, Alex Wright of The Royal
Gazette reports.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said Trinidad and
Tobago President George Maxwell Richards has signed the bailout
bills for CL Financial Limited, giving the government the
authority to control the company's units and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.

According to The Gazette, citing Trinidad and Tobago Express, as
part of the Memorandum of Agreement, BAIC will restructure its
businesses to conform to traditional life insurance, which will
also include a "reconstitution of the board of directors, board
committees and senior management".

BAIC, The Gazette notes, said it is a separate entity with many
branch operations and registered under the Insurance Act in each
territory it operates in and is locally regulated, while
maintaining a separate balance sheet from the other subsidiaries
of the CL Financial Group.

                           About BAIC

British American Insurance Company Limited has been part of the
CL Financial Group since 1998 and has grown its portfolio
significantly not only in Trinidad but also throughout the region.

                       About CL Financial

According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean.  Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey.  CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.


CL FINANCIAL: 300 Islamic Banking Members Affected
--------------------------------------------------
Islamic banking in Trinidad and Tobago has been hit hard by the
meltdown of CL Financial, Trinidad and Tobago Express reports.

The report relates that 300 members of Clico Investment Bank
("CIB")'s Islamic Banking Window are hoping that their investment
will be guaranteed by the central bank amid the recent government
bailout of Clico's parent company, CL Financial.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said Trinidad and
Tobago President George Maxwell Richards has signed the bailout
bills for CL Financial Limited, giving the government the
authority to control the company's unit, CLICO, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.

As reported by Reuters on January 30, 2009, the central bank said
all third party assets and liabilities on the books of Clico and
its Caribbean Money Market Brokers unit would be transferred to
state-owned First Citizens Bank ("FC").  Mr. Williams, the same
report related, said the move is aimed to ensuring resources are
available to meet withdrawals by bank depositors and by
policyholders of the Clico Insurance company.

According to the Express, the country's two other Islamic
financial institutions, the Takaaful Trinidad Tobago Friendly
Society and the Muslim Credit Union (MCU), are now almost stagnant
with the MCU registering very little growth from a US$50 million
asset base at the end of 2007.

However, amid the current slowdown conditions, FC was pressing
ahead with plans to get involved in Islamic Banking, the report
says.  FC Deputy CEO Sharon Christopher told the Express that the
bank was looking at offering Islamic banking facilities, that the
Muslim community was a "sector of the society that needs to be
serviced".

The Express notes that of the estimated 100,000 Muslims in
Trinidad and Tobago, only about 10% have so far embraced the
available Islamic financing ventures with a total investment of
close to 100 million dollars.

                        About CL Financial

According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean.  Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey.  CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.


CL FINANCIAL: Clico Plan Holders Asked to Defer Withdrawals
-----------------------------------------------------------
Central Bank Governor Ewart Williams has pleaded with policy
holders not to withdraw money from Colonial Life Insurance Company
(Clico), a unit of CL Financial Limited, amid Clico's increasing
$10 billion debt, Rory Rostant of Trinidad and Tobago Newsday
reports, citing Central Bank Governor Ewart S. Williams.

According to a central bank statement, Central Bank Governor
Williams, with the aid of a manager appointee to CLICO, disclosed
the present financial position of CLICO:

   * Based on the audited accounts, Clico had surpluses in the
     Statutory Fund in 2004, 2005 and 2006; these surpluses
     shifted to a deficit of about $600 million in 2007.

   * Based on the un-audited accounts for 2008 the Statutory Fund
     deficit (measured on the same basis as in the period 2004 -
     2007) has ballooned to $5.1 billion.  If this is correct, one
     interpretation would be that the premium income collected in
     2008, and which should have been directed to the Statutory
     Fund, was otherwise utilized.

   * Over the last few years Clico's statutory fund assets have
     included several inter-group assets, including deposits in
     CLICO Investment Bank ("CIB") and securities issued by the
     parent CL Financial.  Certainly at the present time, these
     instruments appear to be of little value.  If the central
     bank exclude these from the Statutory Fund calculation of
     2008, the notional deficit $16.7 billion.

   * In the CL Financial business model, Clico was a major source
     of cash much of which was used to finance investments held in
     the name of other entities in the Group.  In this model,
     Clico has ended up as guarantor for many of the Group's
     assets most of which are heavily pledged.  Of course,
     pledging limits the potential proceeds from asset sales.  A
     Canadian firm has been contracted to disentangle, inter alia,
     a whole range of complicated financial transactions, to
     review Clico's non-policyholders' liabilities and the extent
     to which Clico's assets are pledged.

   Immediate Situation
   ===================

   * As at end-January 2009, Clico had policy surrender requests
     on maturing obligations of $650 million; the monthly payment
     for pensions and annuities is $40 million.  Clico currently
     has a bank balance of $15 million, in addition to a sizable
     bank overdraft.  In accordance with the MOU the Cabinet has
     approved a first tranche of a funding package to begin to
     ease the liquidity pressures on Clico and British American.
     In line with the spirit of the MOU, the focus in the first
     round will be on meeting policyholders' liabilities and
     payments to pensioners.

As part of the MOU, the statement adds, a new Board was appointed
to run the affairs of Clico, in addition to a Manager/CEO (Mr.
Andrew Claudius Musaib-Ali) and a Chief Financial Controller (Ms
Carolyn John).

Governor William, Newsday relates, said both Clico and CIB were of
an "overly aggressive" and "risky" business model, and pointed out
that in an operation as complex as Clico over 80% of its
transactions were with inter-related parties.

              Gov't to Use $1BB of Taxpayers' Money

Curtis Rampersad of Trinidad and Tobago Newsday reported on
Feb. 14, that the government used $1 billion of taxpayers money to
start, to help protect depositors and policyholders.

i955fm News related, Central bank Governor Williams said
the bailout money could be even more than a billion dollars.
The same report noted Mr. Williams revealed that there is a
deficit in the statutory fund of the insurance company, but it
does not mean there should be closure.

Meanwhile, the Central Bank also said that Feb. 13 was the last
day of work for a number of CIB employees, Newsday reported.

According to Newsday, citing Trinidad and Tobago Express,
president of the Banking, Insurance and General Workers Union
Vincent Cabrera said 37 of the 91 staff members were sent home.
The union was continuing talks with the Central Bank to get
separation benefits for them, he added.

                        About CL Financial

According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean.  Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey.  CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 11, 2009, Trinidad & Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies to date, showed a deficit between $6
billion and $8 billion.

According to a TCRLA report on Feb. 11, citing The Express, Tobago
President George Maxwell Richards has signed the bailout bills for
CL Financial Limited, giving the government the authority to
control the company's unit, CLICO, and giving the central bank
extensive powers to treat with CL Financial's collapse and the
consequent systemic crisis.

As reported by Reuters on January 30, 2009, the central bank said
all third party assets and liabilities on the books of Clico and
its CMMB unit would be transferred to state-owned First Citizens
Bank.  Mr. Williams, the same report related, said the move is
aimed to ensuring resources are available to meet withdrawals by
bank depositors and by policyholders of the Clico Insurance
company.


HCU: Gov't Says Firm is Going Bankrupt; MP Leader Begs PM for Help
------------------------------------------------------------------
Finance Minister Karen Nunez-Tesheira said the government did not
intervene in Hindu Credit Union ("HCU")'s affairs in the same way
it did with CL Financial because although the credit union
insisted it was suffering a short-term cash flow problem, it was
actually going broke, Trinidad and Tobago Express reports.

"The auditors' assessment was that the Hindu Credit Union was
facing not a liquidity problem, but an insolvency problem, and
that all of Hindu Credit Union's assets were overestimated in
value, and encumbered," the report quoted Ms. Nunez-Tesheira as
saying.

The report relates Ms. Nunez-Tesheira said that according to
external auditors Ernst & Young, HCU "failed to comply with its
own internal controls, policies and procedures, and loans
receivable from Hindu Credit Union's subsidiaries totalling $133.7
million were all loss-making entities and or did not have any
sufficient realisable assets which could liquidate the loans or
any part of the loans made to them by" the credit union.

"Other receivables were from the Hindu Credit Union subsidiaries,
amounting to a sum of $53.9 million, were not likely to be
recovered," Ms .Nunez-Tesheira added.

Nunez-Tesheira, the report relates, noted that HCU originally
agreed to allow Ernst & Young to conduct an independent audit of
its assets after it informed the Finance Ministry that it was
experiencing a liquidity problem on April 11, 2008, and was
seeking financial assistance through a line of credit in the sum
of $71 million which would be collateralised by its real estate
assets.

Newsday notes Nunez-Tesheira said HCU eventually locked Ernst &
Young out of its head office on July 17, 2008, and then closed it
doors for business the following day.

            Jack Warner Begs Prime Minister to Help HCU

Chaguanas MP and UNC Deputy Political Leader, Jack Warner on
February 13, begged Prime Minister Patrick Manning to bail out
HCU, as he accused the government of standing by for years and
doing nothing to help the institution, Trinidad and Tobago Newsday
reports.

According to the report, Mr. Warner lashed out at Prime Minister
Manning for not acting sooner on the HCU issue when it became
clear to one-time Minister in the Ministry of Finance Conrad Enill
back in 2004 that the institution was in troubled waters.

"I am suggesting that if ever anything was a dereliction of duty
this was it.  For three consecutive years nothing was done," the
report quoted Mr. Warner as saying.

As reported in the Troubled Company Reporter-Latin America on Feb.
12, 2009, Trinidad and Tobago Express News said Political Leader
Jack Warner pledged to inject $1 million from his own pocket for
the rebuilding of HCU.  Mr. Warner, the report related, called on
299 businessmen to follow his footsteps so that the needed funds
to save the company will be met.

According to Newsday, Mr. Warner's reconstruction plans also
involve:

   -- the establishment of a new company whose shareholders will
      be the existing members of the HCU, together with new
      shareholders, including businessmen, who could inject the
      $300 million.  This company will be set up under the
      Companies Act, but will be similar to a non-banking
      financial institution.

   -- the purchase by the new company, using cash injected by the
      new shareholders, of the existing business, both the assets
      and liabilities, from the receiver.

   -- the appointment of a new board of directors.

However, Opposition Leader Basdeo Panday has warned party
supporters about putting their hard-earned money into any plan to
bail out HCU, Louis B Homer of Trinidad and Tobago Express
reported.  According to the Express, Mr. Panday said the bailout
of HCU would require a very large sum of money, and during the
financial crisis only the government has the resources.

              HCU Declined Government Bailout Package

HCU President Harnarine said the company was offered a bailout
package similar to CL Financial, before the liquidation process
began, Trinidad and Tobago News Day reported on Feb. 10.

News Day recalled Hindu Credit turned down Minister of Finance
Karen Nunez-Tesheira's proposal, which include the turnover of the
company's assets to the government and the appointment of new
managers as part of the arrangement.  According to News Day,
President Harnarine said that the company agreed on a divestment
option.  Under this arrangement a new holding company, which was
later called the Hindu Credit Union Depositors and Shareholders
Group Limited, would be formed to hold rights of shareholders from
HCU relinquished to it, the report related.

A TCRLA report on Feb. 12, citing The Express, said HCU sold 13 of
its vehicles to help pay off a $400 million deficit.  HCU
liquidator Ramdath Rampersad, as cited by the Express, said the
money from the liquidation is being use to pay creditors; salaries
for the remaining staff members, and phone, electricity and water
bills.  The Express noted that Mr. Rampersad said the liquidation
would continue until HCU President Harnarine's appeal to stop the
process is approved next month.

News Days added that President Harnarine said the DSGL has already
submitted a proposal to the Ministry of Finance, asking for a deal
to purchase the assets of HCU for US$720 million.

                        About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.



===============
X X X X X X X X
===============

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                       Total
                                       Shareholders    Total
                                                 Assets
Company              Ticker           (US$MM)         (US$MM)
-------              ------          ------------     -------

ARGENTINA

COMERCIAL PLAT-$     COMED AR         -747305024     422118016
COMERCIAL PL-C/E     COMEC AR         -747305024     422118016
COMERCIAL PLAT-$     COMED AR         -747305024     422118016
SOC COMERCIAL PL     CVVIF US         -747305024     422118016
IMPSAT FIBER NET     IMPTQ US          -17165000     535007008
IMPSAT FIBER-CED      IMPT AR          -17165000     535007008
SOC COMERCIAL PL       CAD IX         -747305024     422118016
SOC COMERCIAL PL      CADN SW         -747305024     422118016
SOC COMERCIAL PL      COME AR         -747305024     422118016
COMERCIAL PLA-BL     COMEB AR         -747305024     422118016
SOC COMERCIAL PL     SCDPF US         -747305024     422118016
IMPSAT FIBER NET     XIMPT SM          -17165000     535007008
COMERCIAL PL-ADR     SCPDS LI         -747305024     422118016
IMPSAT FIBER-BLK     IMPTB AR          -17165000     535007008
IMPSAT FIBER-C/E     IMPTC AR          -17165000     535007008
IMPSAT FIBER-$US     IMPTD AR          -17165000     535007008
IMPSAT FIBER NET   330902Q GR          -17165000     535007008

BRAZIL

TELEBRAS-ADR         TBASY US         -187984000     226080000
CIMOB PARTIC SA      GAFP3 BZ          -77366408      90471752
RIMET-PREF          REEMPN BZ         -232197008     144454000
CHIARELLI SA-PRF     CCHPN BZ          -85685000      42853000
TEXTEIS RENAUX      RENXPN BZ         -135343008      86140000
PARQUE TEM-RCT P    PQTM10 BZ         -388872000     152268000
TEKA-PREF            TEKA4 BZ         -449536992     526557984
TELEBRAS-ADR           RTB US         -187984000     226080000
TELEBRAS-PF BLCK    TELB40 BZ         -187984000     226080000
TELEBRAS-RCT        RCTB33 BZ         -187984000     226080000
TELEBRAS-RTS CMN     TCLP1 BZ         -187984000     226080000
TELEBRAS-CM RCPT    RCTB31 BZ         -187984000     226080000
TELEBRAS-CM RCPT    RCTB32 BZ         -187984000     226080000
TELEBRAS-PF RCPT    RCTB40 BZ         -187984000     226080000
COARI PART           COAR3 BZ             -56000    3270861056
BUETTNER SA         BUETON BZ          -54926000     148186992
TELEBRAS-PF RCPT    RCTB41 BZ         -187984000     226080000
TELEBRAS-PF RCPT    RCTB42 BZ         -187984000     226080000
SCHLOSSER            SCLO3 BZ          -95113000      45358000
STAROUP SA-PREF     STARPN BZ           -3164000      66833000
BOTUCATU TEXTIL      STRP3 BZ           -3164000      66833000
TELEBRAS-CM RCPT    TELE31 BZ         -187984000     226080000
STAROUP SA          STARON BZ           -3164000      66833000
DOCA INVESTIMENT     DOCA3 BZ          -23571000     206494000
TELEBRAS SA          TBASF US         -187984000     226080000
TECTOY-RCPT PF B    TOYB12 BZ           -2539000      41684000
TELEBRAS-PF RCPT     TBAPF US         -187984000     226080000
TELEBRAS-ADR         TBAPY US         -187984000     226080000
GAZOLA SA            GAZON BZ          -73665296      27266214
TECEL S JOSE-PRF     SJOS4 BZ          -37557000      79567000
SCHLOSSER-PREF       SCLO4 BZ          -95113000      45358000
GAZOLA SA-DVD CM    GAZO11 BZ          -73665296      27266214
SANSUY               SNSY3 BZ          -63134000     235182000
SANSUY SA-PREF A    SNSYAN BZ          -63134000     235182000
SANSUY SA-PREF B    SNSYBN BZ          -63134000     235182000
SAUIPE               PSEG3 BZ          -16319050      17641202
CYRELA COMME-ADR  1049834Z LI           -4282000     695033024
HERCULES-PREF        HETA4 BZ         -273456000      25126000
NORDON MET-RTS       NORD1 BZ          -33521000      36317000
TELEBRAS-CED C/E     TEL4C AR         -187984000     226080000
WETZEL SA            MWET3 BZ           -8903000     150210992
WETZEL SA-PREF       MWET4 BZ           -8903000     150210992
NORDON METAL        NORDON BZ          -33521000      36317000
PARQUE TEM-RCT C     PQTM9 BZ         -388872000     152268000
NOVA AMERICA-PRF    NOVAPN BZ         -353104000      40955000
NOVA AMERICA SA      NOVA3 BZ         -353104000      40955000
NOVA AMERICA-PRF     NOVA4 BZ         -353104000      40955000
CONST A LIND-PRF    LINDPN BZ          -13659000      51808000
MINUPAR              MNPR3 BZ          -34191000     179201008
SANSUY-PREF A        SNSY5 BZ          -63134000     235182000
CONST A LINDEN      LINDON BZ          -13659000       51808000
SAUIPE SA-PREF      PSEGPN BZ          -16319050       17641202
DOC IMBITUBA         IMBI3 BZ          -25164000      202283008
SAUIPE SA           PSEGON BZ          -16319050       17641202
MINUPAR SA          MNPRON BZ          -34191000      179201008
MINUPAR SA-PREF     MNPRPN BZ          -34191000      179201008
WETZEL SA-PREF      MWELPN BZ           -8903000      150210992
MINUPAR-PREF         MNPR4 BZ          -34191000      179201008
GASCOIGNE EMPREE    1GASON BZ        -1048602048     1586146944
NOVA AMERICA SA     NOVAON BZ         -353104000       40955000
TELEBRAS-CEDE BL     RCT4B AR         -187984000      226080000
TELEBRAS-RTS CMN     RCTB1 BZ         -187984000      226080000
TELEBRAS-RTS      PRFRCTB2 BZ         -187984000      226080000
ARTHUR LANGE-PRF    ALICPN BZ          -26011000       34053000
DTC DIRECT CO-RT   1DTCONR BZ          -16264999       11902000
SCHLOSSER SA         SCHON BZ          -95113000       45358000
PARQUE TEM-RT CM     PQTM1 BZ         -388872000      152268000
PARQUE TEM-DV CM      PQT5 BZ         -388872000      152268000
PARQUE TEM-DV PF      PQT6 BZ         -388872000      152268000
PARQUE TEM-RT PF     PQTM2 BZ         -388872000      152268000
TEC TOY SA-PREF      TOYB5 BZ           -2539000       41684000
PROMAN               PRMN3 BZ            -591000       24461000
HOPI HARI SA         PQTM3 BZ         -388872000      152268000
FABRICA RENAUX-P    FRNXPN BZ          -55261000      126672000
TECTOY               TOYB3 BZ           -2539000       41684000
TECTOY-PREF          TOYB4 BZ           -2539000       41684000
CAF BRASILIA         CAFE3 BZ        -1042639040       38244000
KUALA-PREF           ARTE4 BZ          -33570000       11856000
SAUIPE-PREF          PSEG4 BZ          -16319050       17641202
ARTHUR LANG-RC P    ARLA10 BZ          -26011000       34053000
WETZEL SA           MWELON BZ           -8903000      150210992
TEC TOY SA-PF B      TOYB6 BZ           -2539000       41684000
HERCULES             HETA3 BZ         -273456000       25126000
HOPI HARI-PREF       PQTM4 BZ         -388872000      152268000
TELEBRAS SA-PREF    TLBRPN BZ         -187984000      226080000
TEKA                 TKTQF US         -449536992      526557984
TEKA-ADR             TKTQY US         -449536992      526557984
EXCELSIOR-RCT       BAUH10 BZ           -3589000       20444000
TECTOY-RCT PREF     TOYB10 BZ           -2539000       41684000
TECTOY-PF-RTS5/6    TOYB11 BZ           -2539000       41684000
TELEBRAS-PF RCPT    TLBRUP BZ         -187984000      226080000
TECTOY-RTS/3         TOYB1 BZ           -2539000       41684000
TEC TOY SA-PREF      TOYDF US           -2539000       41684000
FER C ATLANT         VSPT3 BZ          -85429000     2074043008
FER C ATLANT-PRF     VSPT4 BZ          -85429000     2074043008
FERROVIA CEN-DVD    VSPT11 BZ          -85429000     2074043008
TELEBRAS-RTS PRF     TLCP2 BZ         -187984000      226080000
TELEBRAS SA-PREF     TELB4 BZ         -187984000      226080000
WIEST SA-PREF       WISAPN BZ         -140973008       71372000
SANSUY-PREF B        SNSY6 BZ          -63134000      235182000
WIEST-PREF           WISA4 BZ         -140973008       71372000
WIEST SA            WISAON BZ         -140973008       71372000
TELEBRAS-RECEIPT    TLBRUO BZ         -187984000      226080000
VARIG SA-PREF        VAGV4 BZ       -10176870400     2094450944
TEXTIL RENAUXVIE     TXRX3 BZ         -135343008       86140000
TEXTEIS RENAU-PF     TXRX4 BZ         -135343008       86140000
TELEBRAS-CM RCPT     TBRTF US         -187984000      226080000
VARIG PART EM-PR     VPTA4 BZ         -867658048      107416000
FER C ATL-RCT PF    VSPT10 BZ          -85429000     2074043008
VARIG SA-PREF       VARGPN BZ       -10176870400     2094450944
DTC DIRECT CO SA    1DTCON BZ          -16264999       11902000
SCHLOSSER SA-PRF     SCHPN BZ          -95113000       45358000
TEKA                TEKAON BZ         -449536992      526557984
TELEBRAS-CEDE PF     RCTB4 AR         -187984000      226080000
TEKA                 TEKA3 BZ         -449536992      526557984
TEKA-PREF           TEKAPN BZ         -449536992      526557984
TELEBRAS-CEDEA $     TEL4D AR         -187984000      226080000
TELEBRAS-COM RTS     TELB1 BZ         -187984000      226080000
TEKA-ADR             TEKAY US         -449536992      526557984
TECBLU-PREF A        TENE5 BZ          -13127000       14637000
TECBLU-PREF A       TBLUAN BZ          -13127000       14637000
ESTRELA SA          ESTRON BZ          -80125000      153186000
TELEBRAS-ADR           TBH US         -187984000      226080000
TELEBRAS/W-I-ADR     TBH-W US         -187984000      226080000
MARAMBAIA-PREF       CTPC4 BZ           -1381000       79728000
CAFE BRASILIA-PR    CSBRPN BZ        -1042639040       38244000
TELEBRAS-ADR           TBX GR         -187984000      226080000
TECBLU              TBLUON BZ          -13127000       14637000
TELEBRAS-ADR         TBRAY GR         -187984000      226080000
TELEBRAS-RCT PRF    TELB10 BZ         -187984000      226080000
CTM CITRUS-COM R     CTPC1 BZ           -1381000       79728000
ACO ALTONA-PREF      EAAPN BZ          -31429000      170270992
TECBLU -RTS          TENE1 BZ          -13127000       14637000
TECBLU-PR A RC      TENE11 BZ          -13127000       14637000
TECBLU-PREF B        TENE6 BZ          -13127000       14637000
CYRELA COMME-ADR     CCPEL US           -4282000      695033024
TEKA-ADR             TKTPY US         -449536992      526557984
TECBLU-PREF C        TENE7 BZ          -13127000       14637000
TECBLU-COM RCT       TENE9 BZ          -13127000       14637000
TELEBRAS-CEDE PF     TELB4 AR         -187984000      226080000
WIEST                WISA3 BZ         -140973008       71372000
TELEBRAS-CM RCPT    RCTB30 BZ         -187984000      226080000
TELEBRAS-BLOCK      TELB30 BZ         -187984000      226080000
VARIG PART EM TR     VPTA3 BZ         -867658048      107416000
TECBLU-RCPT CMN       TEN8 BZ          -13127000       14637000
CHIARELLI SA         CCHI3 BZ          -85685000       42853000
SANSUY SA           SNSYON BZ          -63134000      235182000
VARIG SA             VAGV3 BZ       -10176870400     2094450944
TECBLU-RCPT PREF      TEN9 BZ          -13127000       14637000
CHIARELLI SA-PRF     CCHI4 BZ          -85685000       42853000
COBRASMA-PREF        CBMA4 BZ        -2764018944       19346000
CENT AMAPA           CTAP3 BZ          -11996000          15000
CHIARELLI SA         CCHON BZ          -85685000       42853000
CYRELA COMMERCIA     CCPR3 BZ           -4282000      695033024
RIMET                REEM3 BZ         -232197008      144454000
RIMET               REEMON BZ         -232197008      144454000
TEKA-PREF            TKTPF US         -449536992      526557984
CONST A LIND-PRF     CALI4 BZ          -13659000       51808000
GAZOLA SA-DVD PF    GAZO12 BZ          -73665296       27266214
CAF BRASILIA-PRF     CAFE4 BZ        -1042639040       38244000
CTM CITRUS SA        CTMON BZ           -1381000       79728000
CAMBUCI SA-PREF      CAMB4 BZ          -42495000      177378992
FERRAGENS HAGA-P    HAGAPN BZ         -110814000       25668954
COBRASMA             CBMA3 BZ        -2764018944       19346000
CAMBUCI SA          CAMBON BZ          -42495000      177378992
ALL MALHA PAULIS     GASC3 BZ        -1048602048     1586146944
CTM CITRUS-ADR       CTMMY US           -1381000       79728000
CONST A LINDEN       CALI3 BZ          -13659000       51808000
TELEBRAS-PF RCPT     CBRZF US         -187984000      226080000
MARAMBAIA-PREF       CTMMF US           -1381000       79728000
CTM CITRUS-PREF      CTMPN BZ           -1381000       79728000
CAMBUCI SA           CAMB3 BZ          -42495000      177378992
CTM CITRUS-RCT P    CTPC10 BZ           -1381000       79728000
CTM CITRUS-RCT C      CTP5 BZ           -1381000       79728000
CTM CITRUS-RCT P      CTP6 BZ           -1381000       79728000
DHB IND E COM-PR     DHBPN BZ         -588646016      221336000
ARTHUR LANG-RT C     ARLA1 BZ          -26011000       34053000
DOCAS SA-PREF       DOCAPN BZ          -23571000      206494000
COBRASMA SA         COBRON BZ        -2764018944       19346000
DOCAS SA            DOCAON BZ          -23571000      206494000
BOMBRIL              BOBR3 BZ         -485678016      442846016
VARIG SA            VARGON BZ       -10176870400     2094450944
TELEBRAS-CED C/E     RCT4C AR         -187984000      226080000
ARTHUR LANGE SA     ALICON BZ          -26011000       34053000
ARTHUR LANG-RT P     ARLA2 BZ          -26011000       34053000
EXCELSIOR-RT         BAUH1 BZ           -3589000       20444000
FERRAGENS HAGA      HAGAON BZ         -110814000       25668954
AZEVEDO E TRAVAS    AZEVON BZ          -10976000      116398000
AZEVEDO E TRA-PR    AZEVPN BZ          -10976000      116398000
EXCELSIOR-RT         BAUH2 BZ           -3589000       20444000
BUETTNER-PREF        BUET4 BZ          -54926000      148186992
BAUMHARDT IRMAOS    BAUMON BZ           -3589000       20444000
EXCELSIOR ALIMEN     BAUH3 BZ           -3589000       20444000
EXCELSIOR-PREF       BAUH4 BZ           -3589000       20444000
ARTHUR LANG-RC C     ARLA9 BZ          -26011000       34053000
KUALA                ARTE3 BZ          -33570000       11856000
ARTHUR LANGE-PRF     ARLA4 BZ          -26011000       34053000
ARTHUR LANGE         ARLA3 BZ          -26011000       34053000
TECTOY-BONUS RTS    TOYB13 BZ           -2539000       41684000
AZEVEDO              AZEV3 BZ          -10976000      116398000
BUETTNER SA-RTS      BUET1 BZ          -54926000      148186992
ARTEX SA            ARTXON BZ          -33570000       11856000
ARTEX SA-PREF       ARTXPN BZ          -33570000       11856000
BUETTNER SA-RT P     BUET2 BZ          -54926000      148186992
CYRELA COMME-ADR     CYRLY US           -4282000      695033024
BOMBRIL CIRIO-PF    BOBRPN BZ         -485678016      442846016
ESTRELA SA-PREF     ESTRPN BZ          -80125000      153186000
EXCELSIOR-RCT        BAUH9 BZ           -3589000       20444000
ARTHUR LAN-DVD C    ARLA11 BZ          -26011000       34053000
BOMBRIL SA-ADR       BMBBY US         -485678016      442846016
ARTHUR LAN-DVD P    ARLA12 BZ          -26011000       34053000
BUETTNER SA-PRF     BUETPN BZ          -54926000      148186992
FABRICA RENAUX       FTRX3 BZ          -55261000      126672000
BOMBRIL SA-ADR       BMBPY US         -485678016      442846016
BAUMHARDT IRM-PR    BAUMPN BZ           -3589000       20444000
BOMBRIL              BMBBF US         -485678016      442846016
BOMBRIL-RIGHTS       BOBR1 BZ         -485678016      442846016
BOMBRIL-PREF         BOBR4 BZ         -485678016      442846016
BOMBRIL CIRIO SA    BOBRON BZ         -485678016      442846016
BOMBRIL-RGTS PRE     BOBR2 BZ         -485678016      442846016
FABRICA RENAUX      FRNXON BZ          -55261000      126672000
GASCOIGNE EMP-PF     GASC4 BZ        -1048602048     1586146944
GAZOLA-RCPT PREF    GAZO10 BZ          -73665296       27266214
CIMOB PART-PREF      GAFPN BZ          -77366408       90471752
CAMBUCI SA-PREF     CAMBPN BZ          -42495000      177378992
AZEVEDO-PREF         AZEV4 BZ          -10976000      116398000
GAZOLA-RCPTS CMN     GAZO9 BZ          -73665296       27266214
TECEL S JOSE         SJOS3 BZ          -37557000       79567000
GAZOLA               GAZO3 BZ          -73665296       27266214
GAZOLA-PREF          GAZO4 BZ          -73665296       27266214
TECTOY SA           TOYBON BZ           -2539000       41684000
FABRICA RENAUX-P     FTRX4 BZ          -55261000      126672000
TELEBRAS SA         TLBRON BZ         -187984000      226080000
FABRICA TECID-RT     FTRX1 BZ          -55261000      126672000
TECEL S JOSE        FTSJON BZ          -37557000       79567000
TEXTEIS RENAUX      RENXON BZ         -135343008       86140000
CIMOB PART-PREF      GAFP4 BZ          -77366408       90471752
TECEL S JOSE-PRF    FTSJPN BZ          -37557000       79567000
COBRASMA SA-PREF    COBRPN BZ        -2764018944       19346000
GAZOLA SA-PREF       GAZPN BZ          -73665296       27266214
DOC IMBITUB-PREF     IMBI4 BZ          -25164000      202283008
DOCAS IMBITUBA      IMBION BZ          -25164000      202283008
DOC IMBITUBA-RTP     IMBI2 BZ          -25164000      202283008
TECTOY SA-PREF      TOYBPN BZ           -2539000       41684000
DOCAS IMBITUB-PR    IMBIPN BZ          -25164000      202283008
NOVA AMERICA SA     1NOVON BZ         -353104000       40955000

TELEBRAS-PF RCPT    TELE41 BZ         -187984000      226080000
RIMET-PREF           REEM4 BZ         -232197008      144454000
NOVA AMERICA-PRF    1NOVPN BZ         -353104000       40955000
TELEBRAS SA          TELB3 BZ         -187984000      226080000
FERROVIA CEN-DVD    VSPT12 BZ          -85429000     2074043008
HAGA                 HAGA3 BZ         -110814000       25668954
FER HAGA-PREF        HAGA4 BZ         -110814000       25668954
HERCULES SA         HERTON BZ         -273456000       25126000
GASCOIGNE EMP-PF    1GASPN BZ        -1048602048     1586146944
DOC IMBITUBA-RTC     IMBI1 BZ          -25164000      202283008
HERCULES SA-PREF    HERTPN BZ         -273456000       25126000
DHB IND E COM        DHBON BZ         -588646016      221336000
BOTUCATU-PREF        STRP4 BZ           -3164000       66833000
DOCA INVESTI-PFD     DOCA4 BZ          -23571000      206494000
FERREIRA GUIM-PR    FGUIPN BZ         -224564000       24631000
DOCAS SA-RTS PRF     DOCA2 BZ          -23571000      206494000
TELEBRAS-CEDEA $     RCT4D AR         -187984000      226080000
DTCOM- DIR TO CO     DTCY3 BZ          -16264999       11902000
COARI PART-PREF      COAR4 BZ             -56000     3270861056
DTCOM- DIRECT-PR     DTCY4 BZ          -16264999       11902000
DTCOM-RT             DTCY1 BZ          -16264999       11902000
CAFE BRASILIA SA    CSBRON BZ        -1042639040       38244000
TECBLU-PREF C       TBLUCN BZ          -13127000       14637000
CTM CITRUS-RCT C     CTPC9 BZ           -1381000       79728000
CTM CITRUS- PR R     CTPC2 BZ           -1381000       79728000
MARAMBAIA            CTPC3 BZ           -1381000       79728000
D H B                DHBI3 BZ         -588646016      221336000
TELECOMUNICA-ADR    81370Z BZ         -187984000      226080000
D H B-PREF           DHBI4 BZ         -588646016      221336000
CAMBUCI SA-PREF      CXDOF US          -42495000      177378992
ESTRELA SA           ESTR3 BZ          -80125000      153186000
TECBLU               TENE3 BZ          -13127000       14637000
ACO ALTONA           EALT3 BZ          -31429000      170270992
ESTRELA SA-PREF      ESTR4 BZ          -80125000      153186000
FERREIRA GUIMARA    FGUION BZ         -224564000       24631000
CIMOB PARTIC SA      GAFON BZ          -77366408       90471752
TECBLU-PREF B       TBLUBN BZ          -13127000       14637000
TECTOY-RCT ORD       TOYB9 BZ           -2539000       41684000
F GUIMARAES-PREF     FGUI4 BZ         -224564000       24631000
BUETTNER             BUET3 BZ          -54926000      148186992
NORDON MET           NORD3 BZ          -33521000       36317000
F GUIMARAES          FGUI3 BZ         -224564000       24631000
N.A.                 DTCY9 BZ          -16264999       11902000
ACO ALTONA SA        EAAON BZ          -31429000      170270992
ACO ALTONA-PREF      EALT4 BZ          -31429000      170270992
FER C ATL-RCT CM     VSPT9 BZ          -85429000      2074043008





                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2008.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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